Lodge Hill Capital’s Pitney Bowes PBI Stock Holding History

Lodge Hill Capital’s Portfolio PBI Stock Details PBI Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-1,100,000	Closed	-$30.4M	–	43
2014 Q2	$30.4M	Buy	1,100,000 +600,000	+120%	+$16M	3.94%	8
2014 Q1	$13M	Hold	500,000	–	–	2.83%	19
2013 Q4	$11.7M	Buy	+500,000	New	+$10.8M	4.1%	7

Other funds holding PBI

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

IAM

Iridian Asset Management Westport, Connecticut $247M AUM 20.65% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

AAM

Alken Asset Management London, United Kingdom $89.6M AUM 3.28% 1-Year Est. Return

D.E. Shaw & Co New York $166B AUM 43.98% 1-Year Est. Return

Invesco Atlanta, Georgia $1.02T AUM 30.18% 1-Year Est. Return

Neuberger Berman Group New York $131B AUM 28.36% 1-Year Est. Return

First Eagle Investment Management New York $59B AUM 32.99% 1-Year Est. Return

BFA

BlackRock Fund Advisors San Francisco, California $542B AUM 18.13% 1-Year Est. Return

BIT

BlackRock Institutional Trust San Francisco, California $675B AUM 16.07% 1-Year Est. Return

Lodge Hill Capital's PBI Position: Q3 2014 in Review

Lodge Hill Capital sold out of Pitney Bowes (PBI) in Q3 2014, closing a stake of 852,100 shares — an estimated $23.5M sold.

Lodge Hill Capital first reported a position in PBI in Q4 2013 and held it in 3 quarters. The position peaked at $23.5M in Q2 2014. 371 funds tracked by Wall St. Rank hold PBI as of Q3 2014.

Lodge Hill Capital reported no remaining Pitney Bowes position as of Q3 2014 after selling out during the quarter.
Lodge Hill Capital sold 852,100 Pitney Bowes shares in Q3 2014, an estimated $23.5M.
Lodge Hill Capital first reported a position in Pitney Bowes in Q4 2013 and held it in 3 quarters.
Lodge Hill Capital's Pitney Bowes position peaked at $23.5M in Q2 2014.
371 funds tracked by Wall St. Rank held Pitney Bowes as of Q3 2014.

Based on Lodge Hill Capital's 13F filing for Q3 2014, filed 14 Nov 2014.